“Interconnector Greece – Bulgaria” Project (IGB) (2016-2018)

As a consultant of Project Company ICGB, Infraproject Consult Ltd. provided consultancy for the construction of Interconnector Greece-Bulgaria project that has been identified as a Project of Common Interest and has been included in the List of priority projects of CESEC initiative. The total project amounts to 285.9 M Euro and the grant under Operational Programme “Innovations and Compatibility” amounts to 39 M Euro. The project implements the main strategic priorities of the Bulgarian energy policy – ensuring energy security, diversification of sources and routes, energy efficiency, liberalized energy market and consumer rights protection.

The main consultancy services comprise the preparation of a dossier for applying for financing under OPIC 2014-2020, including:

  • Updating and restructuring of the existing Feasibility Study of the project in compliance with the requirements of EC and the MA of OPIC;
  • Updating of the CBA in view of the new capital structure of the project incl. taking into account the additional comments of JASPERS;
  • Preparation of the Application Form and its appendices for approval of IGB as a major project under Regulation 1303/2013.

The CBA is prepared in line with the Guide to Cost-benefit Analysis of Investment Projects, Economic appraisal tool for Cohesion Policy 2014-2020 and includes:

  • Financial analysis;
  • Socio-economic analysis;
  • Sensitivity analysis and
  • Risk assessment.

The analysis reflects the results of the Binding Phase of the Market Test.

Because of the higher risk of the project, a financial discount rate different from the one stated in the Guide to Cost-benefit Analysis of Investment Projects and according to the conditions of Art. 19 (5) and 6 of the Delegated Regulation 480/2014 of EC dd 03 March 2014 is calculated and approved by the EC.